![\"コラム：欧州再軍備のジレンマ、防衛大手の独占が招く高コストと軍備不足\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/1771433439_835_MBVD7HSW7JJ6RFBLIYY2BHR7NM.jpg\")
<\/p>\n<\/p>\n
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[\u30df\u30e5\u30f3\u30d8\u30f3 \uff11\uff16\u65e5 \u30ed\u30a4\u30bf\u30fc BREAKINGVIEWS] – \u6b27\u5dde\u306b\u3088\u308a\u8fc5\u901f\u306b\u518d\u8ecd\u5099\u3059\u308b\u3088\u3046\u4ed5\u5411\u3051\u305f\u3068\u3044\u3046\u70b9\u3067\u3001\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306e\u30b0\u30ea\u30fc\u30f3\u30e9\u30f3\u30c9\u9818\u6709\u610f\u6b32\u306f\u6b27\u5dde\u9023\u5408\uff08\uff25\uff35\uff09\u306b\u6069\u6075\u3092\u3082\u305f\u3089\u3057\u305f\u3068\u3082\u8a00\u3048\u308b\u2015\u2015\u3002\u3053\u308c\u304c\u3001\u5317\u5927\u897f\u6d0b\u6761\u7d04\u6a5f\u69cb\uff08\uff2e\uff21\uff34\uff2f\uff09\u52a0\u76df\u56fd\u30c7\u30f3\u30de\u30fc\u30af\u306e\u81ea\u6cbb\u9818\u30b0\u30ea\u30fc\u30f3\u30e9\u30f3\u30c9\u3078\u306e\u4fb5\u653b\u3082\u8f9e\u3055\u306a\u3044\u3068\u3057\u305f\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u8105\u3057\u3092\u697d\u89b3\u7684\u306b\u89e3\u91c8\u3059\u308b\u610f\u898b\u3067\u3001\u5148\u9031\u672b\u306b\u958b\u304b\u308c\u305f\u30df\u30e5\u30f3\u30d8\u30f3\u5b89\u5168\u4fdd\u969c\u4f1a\u8b70\u3067\u3082\u5e83\u304c\u3063\u305f\u898b\u65b9\u3060\u3063\u305f\u3002<\/p>\n
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\u3053\u306e\u4f01\u696d\u96c6\u4e2d\u306e\u8c61\u5fb4\u7684\u306a\u5b58\u5728\u304c\u30c9\u30a4\u30c4\u306e\u30e9\u30a4\u30f3\u30e1\u30bf\u30eb(RHMG.DE), opens new tab\u3060\u3002\u30e9\u30a4\u30f3\u30e1\u30bf\u30eb\u306e\u6642\u4fa1\u7dcf\u984d\u306f\u3001\uff14\u5e74\u524d\u306e\u30ed\u30b7\u30a2\u306e\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u76f4\u524d\u306b\u306f\uff14\uff10\u5104\u30e6\u30fc\u30ed\u3060\u3063\u305f\u306e\u304c\u73fe\u5728\u306f\uff17\uff10\uff10\u5104\u30e6\u30fc\u30ed\u4ee5\u4e0a\u306b\u8df3\u306d\u4e0a\u304c\u3063\u305f\u3002\u30a2\u30fc\u30df\u30f3\u30fb\u30d1\u30c3\u30da\u30eb\u30ac\u30fc\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08\uff23\uff25\uff2f\uff09\u306b\u3088\u308b\u3068\u3001\u53d7\u6ce8\u6b8b\u9ad8\u306f\u4eca\u5e74\u534a\u3070\u306b\uff11\uff12\uff10\uff10\u5104\u30e6\u30fc\u30ed\u306b\u9054\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u3053\u308c\u306f\u30a2\u30ca\u30ea\u30b9\u30c8\u305f\u3061\u304c\u4e88\u6e2c\u3057\u305f\uff12\uff15\u5e74\u306e\u58f2\u4e0a\u9ad8\u306e\uff11\uff11\u500d\u4ee5\u4e0a\u306b\u76f8\u5f53\u3059\u308b\u3002<\/p>\n
\u30d1\u30c3\u30da\u30eb\u30ac\u30fc\u6c0f\u306b\u3088\u308b\u3068\u3001\u30e9\u30a4\u30f3\u30e1\u30bf\u30eb\u306f\uff12\uff12\u5e74\u306b\u767a\u8868\u3055\u308c\u305f\u30c9\u30a4\u30c4\u306e\u9632\u885b\u7279\u5225\u57fa\u91d1\u306e\uff14\uff10\uff05\u3092\u7372\u5f97\u3057\u305f\u3002\u30e9\u30a4\u30f3\u30e1\u30bf\u30eb\u306e\uff12\uff15\u5e74\u304b\u3089\uff12\uff19\u5e74\u306e\u5e74\u5e73\u5747\u306e\u53ce\u76ca\u6210\u9577\u7387\u306f\u30d3\u30b8\u30d6\u30eb\u30a2\u30eb\u30d5\u30a1\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u6e2c\u3067\uff13\uff13\uff05\u306b\u306a\u308a\u3001\u7c73\u56fd\u306e\u30cf\u30a4\u30c6\u30af\u5927\u624b\u300c\u30de\u30b0\u30cb\u30d5\u30a3\u30bb\u30f3\u30c8\u30fb\u30bb\u30d6\u30f3\u300d\u306e\u3069\u306e\u9298\u67c4\u3088\u308a\u3082\u901f\u3044\u3002<\/p>\n
![\"A](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/1771433440_239_chart.png\")
A vertical bar chart showing Rheinmetall’s forecast revenue growth beating the so-called Mag 7 tech stocks<\/p>\n
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![\"Graph](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/1771433442_77_chart.png\")
Graph showing Russia-Europe ratios of tanks and guns<\/p>\n
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\u30c9\u30a4\u30c4\u306e\u8ecd\u4e8b\u30a2\u30ca\u30ea\u30b9\u30c8\u305f\u3061\u306f\u3001\u5b8c\u74a7\u3055\u3088\u308a\u3082\u901f\u3055\u3092\u91cd\u8996\u3059\u308b\u300c\u4eca\u591c\u6226\u3046\u300d\u305f\u3081\u306e\u65b9\u7b56\u3068\u3001\u901f\u3055\u306b\u91cd\u304d\u3092\u7f6e\u304b\u306a\u3044\u300c\u660e\u65e5\u6226\u3046\u300d\u305f\u3081\u306e\u65b9\u7b56\u3092\u533a\u5225\u3057\u3066\u3044\u308b\u3002\u30b0\u30ea\u30fc\u30f3\u30e9\u30f3\u30c9\u554f\u984c\u3092\u5de1\u308b\u6df7\u4e71\u306e\u5f8c\u3067\u3001\u6b27\u5dde\u304c\u7af6\u4e89\u3092\u4e0d\u53ef\u6b20\u306a\u3082\u306e\u3067\u306f\u306a\u304f\u300c\u3042\u308c\u3070\u826f\u3044\u7a0b\u5ea6\u306e\u3082\u306e\u300d\u3068\u898b\u306a\u3057\u3066\u3057\u307e\u3048\u3070\u3001\u81ea\u3089\u306e\u8ecd\u4e8b\u529b\u3092\u640d\u306a\u3046\u30ea\u30b9\u30af\u304c\u3042\u308b\u3002<\/p>\n
\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n
\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n
\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n
![\"George](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/1edf3e59-232a-4805-adfa-.jpeg\")
<\/p>\n
George Hay is Breakingviews\u2019 EMEA Editor, based in London. He manages the team in Europe, the Middle East and Africa, and also covers the global energy transition. His previous roles have included European Financial Editor coordinating banking coverage during the euro zone crisis and the global financial crisis. Prior to Breakingviews he worked for AFX News and United Business Media, and has an undergraduate degree from Edinburgh University and a Graduate Diploma in Economics from Birkbeck, University of London.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u30d9\u30eb\u30ae\u30fc\u30fb\u30d6\u30ea\u30e5\u30c3\u30bb\u30eb\u3067\uff12\uff10\uff11\uff18\u5e74\uff16\u6708\u64ae\u5f71\u3002REUTERS\/Yves Herman\/File Photo [\u30df\u30e5\u30f3\u30d8\u30f3 \uff11\uff16\u65e5 \u30ed\u30a4\u30bf\u30fc BREAKINGVIEWS] – \u6b27\u5dde\u306b\u3088\u308a\u8fc5\u901f\u306b\u518d\u8ecd\u5099\u3059\u308b\u3088\u3046\u4ed5\u5411\u3051<\/p>\n","protected":false},"author":2,"featured_media":2767591,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389806],"tags":[21347,762709,762710,765467,762764,767349,762711,228885,766676,762765,762712,654464,52165,763347,254079,763429,763435,763430,763348,762732,222298,762715,762793,762681,762682,762772,52896,73796,763076,766561,766116,285050,762698,4626,762734,188914,402363,762783,77593,589033,762717,62869,135664,762719,762721,762723,762724,765958,763476,762684,762685,763979,234131,763032,13321,762688,786567,238274,762729,762707,768399,768401,762813,765454,762689,688579,762888,170696,762891,104159,762690,762679,705736,762733,763546,763431,763432,763433,763434,7293,2482,421193],"class_list":{"0":"post-2771472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-europe","8":"tag-war","9":"tag-aer","10":"tag-aero","11":"tag-aero1","12":"tag-anlins","13":"tag-armamm","14":"tag-aut","15":"tag-auto","16":"tag-autpt","17":"tag-bact","18":"tag-bisv","19":"tag-biz","20":"tag-bnk","21":"tag-bnks","22":"tag-brv","23":"tag-brvf","24":"tag-brvj","25":"tag-brvtbv","26":"tag-bsvc","27":"tag-ceeu","28":"tag-clm","29":"tag-cmpny","30":"tag-cprod","31":"tag-cwp","32":"tag-cycs","33":"tag-dbt","34":"tag-de","35":"tag-def","36":"tag-defbuy","37":"tag-destnojpzam","38":"tag-destnojpztm","39":"tag-dip","40":"tag-emea","41":"tag-eu","42":"tag-europ","43":"tag-europe","44":"tag-european-union","45":"tag-ezc","46":"tag-fes","47":"tag-fin","48":"tag-fins","49":"tag-gb","50":"tag-gen","51":"tag-indg","52":"tag-inds","53":"tag-intag","54":"tag-invbis","55":"tag-invbnk","56":"tag-invbr","57":"tag-jfor","58":"tag-jln","59":"tag-mevn","60":"tag-mpc","61":"tag-mtgfx","62":"tag-nato","63":"tag-news1","64":"tag-ordr","65":"tag-pol","66":"tag-publ","67":"tag-ratiadas-av-safety","68":"tag-ratimanufacturing","69":"tag-ratiproducts","70":"tag-rep","71":"tag-satser","72":"tag-secur","73":"tag-stx","74":"tag-tcom","75":"tag-tech","76":"tag-tel","77":"tag-tmt","78":"tag-topcmb","79":"tag-topnws","80":"tag-trn","81":"tag-weu","82":"tag-wles","83":"tag-xdnp","84":"tag-xpco","85":"tag-xpmf","86":"tag-xrnp","87":"tag-7293","88":"tag-2482","89":"tag-421193"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2771472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/comments?post=2771472"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2771472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media\/2767591"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media?parent=2771472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/categories?post=2771472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/tags?post=2771472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}